Hi Kavita,

An interesting topic indeed and here are the in-puts.

Engagement of the whole person to earn true commitment to the company and it's value proposition. It means engaging not just a great mind, not just pay and benefits (which another employer can always match).

Alignment of the individuals aspirations and skills and capabilities to deliver to the customer, with the business strategy -- ensuring that all employees understand what the business is about and how they contribute to the value proposition, making sure that rewards, recognition, organization structure, all support this alignment

Best practice is to be willing to pay to attract and retain talent, then let them do what you hired them to do, with appropriate rewards. If the organizational culture and its future prospects are bright, they will never leave or be bid
away from you.

A Healthy, Happy and a Zero-Politics Workplace
Open Book Management Style
Performance Management Feedback System that encourages development
Fair Evaluation System For Employees
Knowledge Sharing
Highlight Performers
Open House Discussions And Feedback Mechanisms
Reward Ceremonies
Delight Employees With The Unexpected

These are things that were put into practice and tasted success. It isn't just theory.
TSK. Raman
tsk.raman@gmail.com